Axis Bank Q4 Results: Profit Zooms 54 Per Cent, NII Gains 17 Per Cent

Axis Bank's total standalone income jumped to Rs 21,999 crore in the January-March period of FY21-22 against Rs 19,035 crore in the same period of FY20-21

Axis Bank's gross NPAs declined to 2.82 per cent of the gross advances as of March 31, from 3.70 per cent at the end of March 2021. Image: Getty

Source : Getty

New Delhi: One of the largest private sector lenders in India, Axis Bank, on Thursday reported a 54 per cent year-on-year (YoY) growth in its standalone net profit of Rs 4,118 crore for the quarter ended March 2022 (Q4), PTI reported.

The bank had clocked net profit of Rs 2,677 crore in the year-ago period.

Axis Bank’s net interest income (NII), the difference between interest earned and interest expended, grew by 16.7 per cent YoY to Rs 8,819 crore. The amount was Rs 7,555 crore in the corresponding quarter of last year. Net interest margin (NIM) for the quarter stood at 3.49 per cent.

The bank in its regulatory filing said, the total standalone income jumped to Rs 21,999 crore in the January-March period of FY21-22 against Rs 19,035 crore in the same period of FY20-21.

The net profit nearly doubled to Rs 13,025 crore in the full FY21-22 from Rs 6,588 crore in FY20-21. Bank’s income rose to Rs 82,597 crore from Rs 75,609 crore.

The private lenders asset quality also showed improvement. The gross non-performing assets (NPAs) declined to 2.82 per cent of the gross advances as of March 31, from 3.70 per cent at the end of March 2021.

The gross NPAs fell to Rs 21,822 crore from Rs 25,314 crore in value terms.

According to the report, net NPAs (bad loans) also came down to 0.73 per cent (Rs 5,512.16 crore) compared to Rs 1.05 per cent (Rs 6,993.52 crore).

The provisions for NPAs and contingencies were pared to Rs 987 crore for the fourth quarter from Rs 2,167 crore put aside by the bank in the year-ago period.

On a consolidated basis, the net profit in Q4 FY22 grew by 50 per cent to Rs 4,434 crore from Rs 2,960.40 crore a year ago. The total income rose to Rs 23,000 crore from Rs 19,850 crore.

On Thursday, Axis Bank’s shares closed at Rs 779.95 apiece, up 1.81 per cent from the previous close on the BSE.